Addex Reports Q1 2021 Financial Results and Provides Corporate Update

By Globe Newswire9 days ago

  • Strong cash and cash equivalents position at March 31, 2021 of CHF25.2M ($26.7M)
  • Completed $11.5M fundraising in January 2021
  • Three clinical studies in neurology programs remain on track to start during Q2 2021
  • Neurology programs aimed at large underserved market opportunities in dyskinesia associated with Parkinson's disease, blepharospasm and epilepsy

Geneva, Switzerland, May 5, 2021 Addex Therapeutics (NASDAQ:ADXN), a clinical-stage pharmaceutical company pioneering allosteric modulation-based drug discovery and development, today reported financial results for the quarter ended March 31, 2021 and provided a corporate update.

We are on track with clinical studies planned to begin this quarter, including two internal dipraglurant programs in dyskinesia associated with Parkinson's disease and blepharospasm, as well as a Phase 2a clinical study with ADX71149 for epilepsy conducted by our partner Janssen, said Tim Dyer, CEO of Addex. Our successful $11.5 million fundraising at the beginning of 2021 has further strengthened our balance sheet and provides a solid basis for executing our strategy and advancing our pipeline.

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Q1 2021 Operating Highlights:

  • Ended Q1 2021 with a strong cash position of CHF25.2 million ($26.7 million), supported by an $11.5 million fundraising on January 11, 2021, which provides a runway into Q3 2022
  • Remain on track for dipraglurant pivotal registration study in dyskinesia associated with Parkinson's disease; study initiation expected Q2 2021
  • Prepared dipraglurant placebo-controlled clinical trial in blepharospasm patients, scheduled to start in Q2 2021
  • Strategic partner, Janssen Pharmaceuticals, ready to start a Phase 2 clinical study of ADX71149 for epilepsy, initiation scheduled for Q2 2021
  • Continued to advance GABABpositive allosteric modulator research program through clinical candidate selection phase
  • Advanced Eurostars / Innosuisse funded mGlu7 negative allosteric modulator research program for post-traumatic stress disorder
  • Continuing to advance remaining preclinical programs to their next value inflection points

Select Upcoming Milestones:

  • Q2 21 - Phase 2b/3 study starting: dipraglurant for dyskinesia associated with Parkinson's disease
  • Q2 21 - Phase 2a study starting: dipraglurant for blepharospasm
  • Q2 21 -Phase 2a study starting: ADX71149 for epilepsy; partnered with Janssen
  • Q4 21 - Phase 2a data: dipraglurant for blepharospasm
  • Q3 22 - Phase 2a data: ADX71149 for epilepsy
  • Q4 22 - Phase 2b/3 data: dipraglurant for dyskinesia associated with Parkinson's disease

Key Financial Data for the Three Months Ended March 31, 2021

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